Americans should take the "Private Equity Approach" to debt
On one of the business shows a few days ago a host continued his rhetoric about deadbeat Americans not paying their bills. People defaulting on mortgages, credit cards, and auto loans are the reason this crisis is not over, was the point he was trying to make. Oh how they loved Americans when they were racking up all this debt making banks and retailers record profits thus proliferating stock prices and record bonuses. And since our corporate mantra is “Greed is Good” and “Free Market Capitalism” is it any wonder that many Americans rushed to get rich in the great American real estate boom.   Now were on the other side of the boom and it’s time to pay the proverbial piper, but no one wants to. When the consumer defaults on debt they are a deadbeat and vilified. But when corporate America wants to renegotiate that’s smart business. Let’s look at this for a moment.   Some of the most powerful businessman in the world made their fortunes by renegotiating...
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